Chief executive Ivan Gazidis insists Arsenal's prudent policy in the transfer market is not putting the Gunners at a disadvantage compared to their rivals. UEFA recently announced plans designed to prevent clubs from spending more than they earn and Gazidis believes this is the only way forward.
The Gunners have not won the Premier League since 2004 and manager Arsene Wenger has come under increasing pressure for declining to reinforce his squad.
Speaking at this week's International Football Arena in Zurich, Gazidis said: "We believe transfer spending is the last resort. That's a sensible view to have. Re-signing existing players is a far more efficient system. What Arsene will not do is spend money on players that do not add something of real value."
He said: "It's not easy for a club to walk this path when others have outside funding that we don't have. But it's a path we are committed to. Arsene won't do things in response to media pressure. He thinks about the development of the team.
"In the two windows since I've been here, we have signed two players who I think are pretty special - Andrey Arshavin and Thomas Vermaelen. Both have added something to the team. What we haven't been prepared to do is go out in what has been a particularly irrational market and spend money for the sake of it.
"We are a club that is living responsibly within its means which is important in the current climate, living by the kind of words that everyone talks about. And still we've got a great team that plays some of the most attractive football in the world."
